Initiating Coverage of Premier With Narrow Moat and Stable Trend Ratings; Shares Undervalued
We are initiating coverage of Premier, a North Carolina-based healthcare services firm, with narrow moat and stable trend ratings. Our fair value estimate is $37 per share, which puts the shares near 4-star territory. This valuation implies 15.5 and 9.5 times our estimate of 2018 earnings and EBITDA, respectively, which combined with our medium uncertainty rating creates a compelling opportunity for investors, in our view.Premier is the combination of two distinct yet complementary businesses t...
Premier is a holding company. The company, together with its subsidiaries and affiliates, is a healthcare performance improvement company. The company provides technology-enabled platform that provides supply chain services, clinical, financial, operational and value based care software-as-a-service informatics products, consulting services and performance improvement collaborative programs. The company has two business segments: Supply Chain Services, which assists its members in managing their non-labor expense and capital spend through a combination of products, services and technologies; and Performance Services, which provides information technology analytics and workflow automation and consulting services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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